Annual report pursuant to Section 13 and 15(d)

Executive and Management Transition Costs

v3.22.1
Executive and Management Transition Costs
12 Months Ended
Jan. 29, 2022
Executive and Management Transition Costs  
Executive and Management Transition Costs

(21) Executive and Management Transition Costs

On May 2, 2019, Robert J. Rosenblatt, the Company’s former Chief Executive Officer, was terminated from his position as an officer and employee of the Company and was entitled to receive the payments set forth in his employment agreement. The Company recorded charges to income totaling $1,922 as a result. Mr. Rosenblatt remained a member of the Company’s board of directors until October 1, 2019. On May 2, 2019, in accordance with the purchase agreement described in Note 10 – “Shareholders’ Equity,” the Company’s board of directors appointed Timothy A. Peterman to serve as Chief Executive Officer, effective immediately, and entered into an employment agreement with Mr. Peterman. In conjunction with these executive changes as well as other executive and management terminations made during fiscal 2019, the Company recorded charges to income totaling $2,741, which relate primarily to severance payments to be made as a result of the executive officer and other management terminations and other direct costs associated with the Company’s 2019 executive and management transition. As of January 30, 2021, $241 was accrued, with the related cash payments made through the second quarter of fiscal 2021. As of January 29, 2022, there were no remaining accrued termination or transition costs.